the demand of a good is d=102 - 8.1p; the supply of it is s=8.1p - 31. the market price is 5.2. please find…

the demand of a good is d=102 - 8.1p; the supply of it is s=8.1p - 31. the market price is 5.2. please find the amount of the shortage in the market. hints/example question 2 2 pts the demand of a good is d=101 - 8.1p; the supply of it is s=8.2p - 31. the market price is 10.2. please find the amount of the surplus in the market. hints/example

the demand of a good is d=102 - 8.1p; the supply of it is s=8.1p - 31. the market price is 5.2. please find the amount of the shortage in the market. hints/example question 2 2 pts the demand of a good is d=101 - 8.1p; the supply of it is s=8.2p - 31. the market price is 10.2. please find the amount of the surplus in the market. hints/example

Answer

Explanation:

Step1: Calculate the demand quantity

Substitute $P = 5.2$ into the demand - function $D=102 - 8.1P$. $D=102-8.1\times5.2=102 - 42.12=59.88$

Step2: Calculate the supply quantity

Substitute $P = 5.2$ into the supply - function $S = 8.1P-31$. $S=8.1\times5.2-31=42.12 - 31=11.12$

Step3: Calculate the shortage

Shortage = Demand - Supply. Shortage $=59.88 - 11.12 = 48.76$

Answer:

$48.76$

Explanation for Question 2:

Step1: Calculate the demand quantity

Substitute $P = 10.2$ into the demand - function $D=101 - 8.1P$. $D=101-8.1\times10.2=101 - 82.62 = 18.38$

Step2: Calculate the supply quantity

Substitute $P = 10.2$ into the supply - function $S = 8.2P-31$. $S=8.2\times10.2-31=83.64 - 31=52.64$

Step3: Calculate the surplus

Surplus = Supply - Demand. Surplus $=52.64 - 18.38=34.26$

Answer for Question 2:

$34.26$